As we enter into the Spring market, there seems to be more activity in the market place. Buyers are more active and listings are starting to increase as well. Here are some highlights from the most recent market update released by REBGV.
A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver see a 11.9% increase compared to March 2013.
“There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately 5 to 6%in Greater Vancouver during the last half of 2012,” Wyant said.
The total number of properties listed for sale on the MLS® in Greater Vancouver increased 8.2% compared to March 2013.
The sales-to-active-listings ratio currently sits at 15.7% in Greater Vancouver. This is the second consecutive month that this ratio has been above 15%.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver increased 1.6% compared to January 2013.
Since January the benchmark price of a detached home has increased 1.4
Since January the benchmark price of an apartment home has increased 2.1%
Since January the benchmark price of an attached home has increased 1.2%
Source: Real Estate Board of Greater Vancouver